Contract electronics manufacturer Dixon Technologies Ltd, which is backed by Motilal Oswal Private Equity Investment Advisors, has received the Securities and Exchange Board of India’s nod for an initial public offering.

The capital markets regulator issued final observations on Dixon’s IPO proposal on 26 July. This takes the tally of companies that have received approvals for IPO this calendar year to 21, according to SEBI website.

Motilal Oswal Private Equity Investment Advisors, through India Business Excellence Fund and India Business Excellence Fund-I, will sell 2.64 million shares, according to the draft document. This is equivalent to a 24.05% stake. The PE firm owns 30.06% stake in the Noida-based company.

VCCircle had reported on 5 May that the company was in an advanced stage of filing its IPO proposal with the capital markets regulator.

The total size of the IPO is likely to be Rs 500-600 crore ($77-94 million).

Dixon aims to use the proceeds from the IPO to repay debt and set up an LED television manufacturing unit at its Tirupati facility. It will also use the money to enhance backward integration capabilities in the lighting products vertical, upgrade the IT infrastructure facility and for general corporate purposes.

The listed peers of the company, which was formerly known as Dixon Utilities and Exports Pvt. Ltd, are Centum Electronics Ltd, MIC Electronics Ltd and PG Electroplast Ltd.

Dixon’s planned listing will make it the first electronics component contract manufacturer to go public since PG Electroplast floated a Rs 121 crore IPO in September 2011.

So far, 13 companies have raised about Rs 12,000 crore this calendar year, extending the good run for IPOs after a blockbuster 2016 when fundraising by companies via initial share sales jumped to a six-year high of Rs 26,500 crore, according to data from SEBI.

The primary market in India gained momentum after four years of slow activity till mid-2014 when the BJP-led government took over. In 2015, 21 companies had raised about Rs 14,000 crore, as per stock-exchange data.